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EV startup Fisker files for bankruptcy

Fisker Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection —  a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits.

The California-based company, which filed for bankruptcy in the Delaware Court, had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 to $1 billion and liabilities of between $100 million and $500 million, according to the filing. 

Fisker has between 200 and 999 creditors, including SAP, Adobe, Salesforce and Ansys, according to the court document that was filed late Monday. The filing comes just a year after Fisker delivered its all-electric vehicle, the Ocean SUV, to customers.

The much-hyped EV was troubled from the start, with customers reporting an array of software and mechanical problems. Internally, the company struggled to handle customer service and even keeping track of its money, according TechCrunch’s previous reporting.

Fisker, which used contract manufacturer Magna, would end up delivering just a few thousand vehicles.

Fisker attempted to preserve cash through several rounds of layoffs and other cost-cutting measures. It also changed its business model. Earlier this year, Fisker shifted away from selling directly to customers — a system Tesla has popularized — and instead tried to partner with established dealers. Ultimately, the efforts weren’t enough to save the company.

This story is developing …

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